Bitcoin Price Watch: BTC/USD Hesitates, But Further Gains Possible ByAayush JindalPRO INVESTOR Updated: 27 July 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Points Bitcoin price corrected higher and moved above the $6,350 resistance against the US Dollar. There is a key ascending channel forming with support at $6,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is facing a couple of important resistances near the $6,630 and $6,680 levels. Bitcoin price is slowly rebounding from $6,200 against the US Dollar. BTC/USD must clear the $6,680 resistance and the 100 hourly SMA to gain bullish momentum. Bitcoin Price Analysis Yesterday, we discussed bitcoin price could rebound further from the $6,100 support against the US Dollar. The BTC/USD pair did move higher and broke the $6,350 and $6,550 resistance levels. The move was positive since the price broke the 38.2% Fib retracement level of the last drop from the $7,160 swing high to $6,100 swing low. However, the upside move faced a strong resistance near the $6,630 level. It seems like the 50% Fib retracement level of the last drop from the $7,160 swing high to $6,100 swing low acted as a barrier. The price declined a few points and is currently trading near the $6,400-6,450 zone. More importantly, there is a key ascending channel forming with support at $6,300 on the hourly chart of the BTC/USD pair. The channel support is very important near the $6,300 level and is likely to act as a buy zone. On the upside, the channel resistance at $6,680 is positioned with the 100 hourly simple moving average. Therefore, a close above $6,680 is must for more gains in the near term. Looking at the chart, there were positive moves in bitcoin price above the $6,100 and $6,300 levels. Going forward, if buyers gain strength above $6,680, there could be solid gains in BTC/USD towards $7,000. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is slightly placed in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI is currently moving above the 50 level. Major Support Level – $6,300 Major Resistance Level – $6,680 The post Bitcoin Price Watch: BTC/USD Hesitates, But Further Gains Possible appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage